Bitcoin price „absolutely bullish“: When will the 60,000 USD come?
It’s not there yet, the US$60,000. But the overall situation remains „superbullish“. Market update.
The bitcoin price has not yet sustainably conquered the 60,000 US dollar mark. Nevertheless, there is still no reason for the bulls to throw in the towel. At least if professional trader Robert Rother has his way. On our Youtube channel, Robert meets every Tuesday and Thursday to discuss the short-term development of the Bitcoin price. Robert mainly analyses the volumes at which Bitcoin Trader individual prices are traded. So-called points of control (POC) can be derived from the volume profile of a chart. These are price markers at which the most BTC changed hands. These points of control often mark important support and resistance areas that the bitcoin price works its way through. Currently, the US$60,000 mark forms strong resistance, which is also reflected as a POC.
Bitcoin price „absolutely bullish“
In this context, the chances are good that the „60k“ will soon be tackled again. This is indicated by the development of the OBV indicator. The OBV is calculated from the total volume of a trading day. If Bitcoin has closed higher than the previous day, the volume increases. If the opposite is the case, volume is assumed to have fallen. The sum of positive and negative volume finally forms the OBV line. For Bitcoin, the OBV has only known one direction since mid-January: up. Robert’s conclusion on the OBV: „Everything is absoultly bullish at the moment“.
Deutsche Bank publishes Bitcoin report
„First they ignore you, then they laugh at you, then they fight you, and then you win“ – this bon mot of a US trade unionist, wrongly attributed to Mahatma Gandhi, often makes the rounds in the crypto space when it comes to describing the attitude of (central) banks towards digital gold. Deutsche Bank is now somewhere between „laughing“ and „fighting“ in this scheme. Because the penny – or rather the satoshi – has dropped at Germany’s largest financial institution that Bitcoin can no longer be ignored.
Bitcoin’s $1 trillion market capitalisation makes it too important to ignore. Major players buying and selling Bitcoins have considerable market-influencing power. As long as asset managers and corporations continue to enter the market, Bitcoin prices could continue to rise.
What Deutsche Bank thinks of the intrinsic value of Bitcoins is already reflected in the title of the paper: „Bitcoins: Can the Tinkerbell effect become a self-fulfilling prophecy? The Tinkerbell effect describes when something only seems to exist because there are people who believe it exists. The Tinkerbell effect is named after the fairy of the same name from Peter Pan.